SINGAPORE (THE BUSINESS TIMES) - UMS Holdings' offer for Catalist-listed JEP Holdings has closed with valid acceptances representing 71.66 per cent of the total number of JEP's shares, announced UMS in a filing on Thursday morning (June 3).
The mandatory unconditional cash offer, with a final offer price of 20 cents per share, closed at 5.30pm on June 2.
The precision engineering group had triggered the offer for shares in JEP in April, after a stake purchase from JEP executive director Zee Hoong Huay took its cumulative interest in the machining and engineering service provider to 53.8 per cent.
Its offer price of 20 cents a share in cash was the highest price in UMS' dealings during the six-month period before the offer. The deal values JEP at some $82.4 million.
In its initial offer document in April, UMS said its directors believe the offer will help the group diversify beyond its traditional semiconductor business, and broaden its earnings stream.
The company had said it may explore business synergies with JEP and tap growth opportunities in new markets.
UMS also said it intends to preserve the listing status of JEP, but that it intends to assess further options if the public float falls below 10 per cent.
Shares of UMS ended Wednesday down three cents, or 2.1 per cent, at $1.41, while JEP was unchanged at 19.9 cents.